University 'financially solid'

BETWEEN a new pool and medical centre at its Lismore campus and an entire new campus on the Gold Coast, last financial year was a demanding one for Southern Cross University.

According to its annual report the works appear to have eaten into the university’s bottom line compared with the previous year, but SCU’s director of financial and business services Michael Carter said the multi-campus university was in good financial shape.

“I know on the face value of the financials it appears to be quite a reduction, but it’s more in relation to accounting than how the university performed,” he said.

SCU reported a consolidated net operating surplus of $2.06 million for the year ending December 2009, significantly down from the previous year’s $14.07 million.

Its net operating profit also took a hit, posting $2.99 million, down from $14.33 million.

“In the 2008 result there were a number of grants included in revenue that were once-off capital grants,” Mr Carter said.

“There was also a certain level of expenditure related to the pool at the Lismore Campus and the medical centre that we can’t capitalise on.”

He said when these one-offs were taken into account the underlying result was similar for the two years.